@mannyawasom: Break out expenses before you trust NOI. Here's an example file with the trailing 12 months of numbers dropped in: Total expenses: $239,397 That's 58.2% of income. NOI: $172,150 Largest expense: Payroll at $62,903 Why break it out first: ✅ NOI is just income minus expenses. If the expenses are wrong, the NOI is wrong, and so is every value you build on it. ✅ The expense ratio tells you if the numbers are believable. A ratio far off from similar buildings is your cue to dig in. ✅ The biggest line items are where the risk hides. Know what payroll covers before you assume you can cut it. Expenses first. Then trust the NOI. 🛠️ To speed up and sharpen your underwriting, check out QuicRoll AI and our other tools: 🔗 msadatainsights.com/products 🏢 See how XSITE Capital underwrites its deals: 🔗 xsitecapital.com #multifamily #underwriting #realestateinvesting #commercialrealestate #apartmentinvesting #noi #operatingexpenses

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